A Bank of New York Mellon hedge fund distribution and development executive has left the firm to join Old Mutual's asset management business.

Paul Feeney served as head of international distribution at BNY Mellon, where his remit covered distribution of BNY Mellon Asset Management's alternative and hedge fund strategies, as well as the group's marketing in the U.K., continental Europe and Latin America. Feeney joined BNY Mellon Asset Management in 2008 from the Gartmore Group, where he was head of distribution.

Feeney will now serve as CEO of Old Mutual's Long-Term Savings asset management business.

From the current issue of

The ratio calendar combination spread couples two ratio calendar spreads, one using calls and the other using puts. The call strike prices are higher than the put strike prices. This strategy is complex and profit is limited, but if a high amount of time value is involved in the short positions, that profit can be substantial and risk is still limited.